India Technology Sector Merger & Acquisition Filings — May 28, 2026

28-05-2026

Persistent Systems Limited, through its step-down subsidiary PerSys Estonia OÜ, has entered into a Business Purchase Agreement with Concise Systems OÜ to acquire part of its business for a total cash consideration of EUR 5.6M (including deferred payment of EUR 1.5M over 2 years). The acquired business generates an estimated annual revenue of EUR 11.6M. The acquisition aims to consolidate a strategic customer relationship and expand Persistent's nearshore delivery presence in Eastern Europe, while de-risking long-term delivery. The transaction is not a related party transaction and is expected to close within 4-8 weeks.

• · The acquisition is structured as a business purchase (asset/liability/employee transfer), not a share acquisition.
• · Concise Systems was founded in 2008 in Estonia and provides software engineering and IT consulting services.
• · The acquired business is already structured as a sub-contract arrangement through Persistent, indicating an existing relationship.
• · The acquisition is expected to be completed within 4-8 weeks, subject to customary closing conditions.
• · No governmental or regulatory approvals are required for the acquisition.

28-05-2026

Apar Industries reported strong FY26 results with consolidated revenue from operations at ₹22,902.12 Cr, up 23.3% YoY from ₹18,581.21 Cr in FY25. Consolidated profit after tax grew 18.9% YoY to ₹976.93 Cr (FY25: ₹821.30 Cr). However, the board noted an exceptional item of ₹32.53 Cr (₹7.54 Cr in Q4) for past gratuity costs, and the full fiscal includes a dividend recommendation of Rs.60 per share. While the conductors and cables segments posted strong growth, the transformer and specialty oils segment revenue in Q4 was sequentially lower (₹1,310.87 Cr vs ₹1,457.93 Cr in Q3), indicating mixed segment performance.

• · Board recommended a final dividend of Rs.60 per share (face value Rs.10) for FY26, aggregating Rs.241.01 Cr, subject to shareholder approval at the AGM.
• · Exceptional item of Rs.32.53 Cr (consolidated) and Rs.32.36 Cr (standalone) booked for past gratuity and compensated absence payables based on actuarial valuation.
• · Allotment of 5,920 equity shares under ESAR Plan 2024 approved.
• · Approval for further investment of up to BRL 550,000 in wholly owned subsidiary Apar Industries Latam Ltda, Brazil.
• · Appointment of M/s Deloitte Touche Tohmatsu LLP as Internal Auditor and M/s. Rahul Ganesh Dugal & Co as Cost Auditor for FY 2026-2027.
• · Statutory auditors issued an unmodified opinion on both standalone and consolidated financial results.

28-05-2026

Swelect Energy Systems Limited, through its Investment Committee, has approved the acquisition of 100% equity shares of USOLAR ASSETCO FOUR PRIVATE LIMITED for a cash consideration not exceeding ₹3.30 Crore. USolar Four, a solar power generation company based in Karnataka with a paid-up capital of ₹10,00,000 and nil turnover/PAT, will become a wholly owned subsidiary of Swelect. The target entity is yet to commence operations and proposes to set up a solar power plant of up to 26.6 MWp DC under a group captive scheme, with the acquisition cost representing about 0.5% of Swelect's consolidated operational revenue for FY26, though no near-term revenue contribution is expected from the pre-revenue target.

• · Target entity was incorporated on 2nd June 2025 and is yet to commence commercial production/operations.
• · No governmental or regulatory approvals are required for the acquisition.
• · The acquisition is not a related party transaction at present, but USolar Four will become a related party (wholly owned subsidiary) post-completion.
• · The acquisition will be executed through a Securities Purchase Agreement or definitive agreement with selling shareholders of USolar Four.
• · The target entity has nil turnover and nil PAT for its latest financial period (audit for first financial year yet to be completed).
• · Line of business acquired includes erection/commissioning of solar/renewable energy devices, consultancy, installation, maintenance, and operation of renewable energy systems.
• · The acquisition cost of ₹3.30 Crore equates to approximately 0.5% of Swelect's consolidated operational revenue for FY26, indicating a relatively small-scale transaction.

28-05-2026

Ashika Credit Capital Ltd. (ACCL) has allotted 4,03,52,586 equity shares to eligible shareholders of Ashika Global Securities Pvt Ltd (AGSPL) under a composite scheme of amalgamation approved by the NCLT, Kolkata Bench on May 8, 2026. Simultaneously, 1,13,51,990 existing shares held by AGSPL and its subsidiary were cancelled, resulting in a net increase in paid-up equity share capital from ₹44,72,49,710 to ₹73,72,55,670. Post-allotment, promoter and promoter group shareholding stands at 74.52% of the total equity.

• · The share exchange ratio is 6,726 equity shares of ACCL (₹10 face value) for every 10,000 equity shares of AGSPL.
• · Record date for allotment was May 27, 2026.
• · The NCLT Kolkata Bench approved the scheme via final order dated May 8, 2026.
• · Post-allotment, the issued & subscribed paid-up share capital is ₹73,73,17,410 comprising 7,37,31,741 equity shares.
• · The meeting of the Merger & Acquisition Committee lasted from 3:30 PM to 3:55 PM on May 28, 2026.

28-05-2026

Ecoplast Ltd. announced that the Scheme of Amalgamation of Kunal Plastics Private Limited (Transferor Company) with Ecoplast Ltd. (Transferee Company) has become effective on May 28, 2026, following the filing of the NCLT order with the Registrar of Companies. The Transferor Company stands amalgamated and dissolved without winding up, and Ecoplast's authorized share capital increases from an unspecified prior amount to ₹10,25,00,000 (₹10.25 Crore) by incorporating the Transferor Company's authorized capital of ₹25,00,000. No financial performance data or period-over-period comparisons are provided in this filing.

• · The NCLT Ahmedabad Bench approved the Scheme via its Order dated May 14, 2026.
• · The certified copy of the Order was filed with the Registrar of Companies, Ahmedabad on May 28, 2026.
• · The amalgamation is effective from May 28, 2026, and the Transferor Company is dissolved without winding up.
• · Ecoplast's Memorandum of Association is amended to reflect the increased authorized share capital of ₹10,25,00,000.

28-05-2026

Relaxo Footwears Limited has approved an investment of up to ₹2.50 crores in a special purpose vehicle (SPV) to be incorporated by CleanMax Enviro Energy Solutions Limited for a group captive solar power project in Haryana. The investment will give Relaxo approximately 26% equity stake in the SPV, making it an associate company. The move supports renewable energy for the company's manufacturing facilities, but the investment amount is relatively small and no financial performance data is provided.

• · The SPV will be incorporated in India and will focus on development, operation, and maintenance of captive solar power projects for Relaxo's manufacturing facilities in Haryana.
• · The investment is in cash and will be made via subscription/acquisition of equity shares with voting rights.
• · The Board meeting started at 12:30 IST and ended at 16:20 IST on May 28, 2026.
• · No governmental or regulatory approvals are required for the incorporation of the SPV.

28-05-2026

Malpani Pipes and Fittings Limited reported a strong financial performance for FY26, with revenue from operations rising 15.6% YoY to ₹16,303.32 lakh (from ₹14,096.73 lakh in FY25) and net profit increasing 11.9% YoY to ₹902.91 lakh (from ₹806.95 lakh). However, earnings per share (EPS) declined 13.4% YoY to ₹8.38 (from ₹9.68) due to a dilutive share capital base after an IPO during the prior year. The Board also approved the 100% acquisition of Terex Industries Private Limited, which will become a wholly owned subsidiary, expected to unlock long-term value through combined manufacturing and export capabilities.

• · The company operates in a single reportable segment: Pipe Manufacturing.
• · Audit opinion is unmodified (clean) for FY26.
• · Company is exempt from IND-AS as it is listed on BSE SME platform; financials prepared under notified Accounting Standards.
• · Property, Plant and Equipment increased from ₹1,209.05 lakh to ₹1,897.61 lakh (+57%) reflecting capex.
• · Capital Work in Progress reduced to zero (from ₹343.99 lakh) indicating project completion.
• · Trade Receivables decreased 10.9% YoY to ₹4,444.41 lakh from ₹4,991.08 lakh, improving cash conversion.
• · Inventories increased 29.3% YoY to ₹4,673.81 lakh from ₹3,615.25 lakh, requiring monitoring.
• · Trade Payables (total) increased 50.7% to ₹3,766.10 lakh from ₹2,965.20 lakh, but payables to Micro and Small Enterprises dropped sharply from ₹350.80 lakh to ₹53.74 lakh.
• · Cash flow from operations strongly positive at ₹1,575.66 lakh versus negative ₹1,395.87 lakh in FY25, a significant reversal.
• · No investor complaints were received during the period.

28-05-2026

Bharatam Ventures Limited (formerly Pet Plastics Ltd.) approved audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, with an unmodified audit opinion. The board also approved the acquisition of a 99.9987% equity stake in Penganga Sakhar Karkhana Private Limited for a cash consideration of ₹1,79,99,760 (₹1.80 Crore), marking a strategic expansion into sugar and allied agro-processing. Additionally, the company appointed CA Rushikesh A Kakade as internal auditor for FY 2026-27 and Mr. Rahul Chandratre as an additional non-executive director.

• · Acquisition price per share: ₹120 per equity share
• · Target company's turnover grew from ₹1,404 Lakh in FY 2023-24 to ₹8,352.89 Lakh in FY 2025-26, showing rapid growth
• · Acquisition expected to complete within 30 days from May 27, 2026
• · Appointment of Mr. Rahul Chandratre as additional director effective May 28, 2026, subject to shareholder approval
• · Board meeting lasted from 12:00 PM to 7:00 PM on May 28, 2026

28-05-2026

Ruchi Infrastructure Limited's Board approved a Composite Scheme of Amalgamation to merge Lennox Investment Pvt. Ltd. and Multiacre Investment Services Pvt. Ltd. into itself. The merger aims to improve capitalisation, reduce preference share obligations, and streamline operations, with no cash consideration and a share exchange ratio of 5,582:1 for Lennox equity and 6,423:1 for Multiacre equity. Post-merger, the company's paid-up equity capital will increase from ₹23,60,24,942 to approximately ₹36,73,33,324, with promoters holding ₹12,67,55,402 and public shareholders ₹24,05,77,922.

• · The amalgamating companies (Lennox and Multiacre) are investment companies with no turnover and are currently not engaged in any significant activity.
• · The merger is not classified as a related party transaction.
• · Share exchange ratios: 5,582 equity shares of Re.1 each of Ruchi Infrastructure for every 1 equity share of Rs.10 of Lennox; 29 equity shares for every 20 CCPS of Lennox; 6,423 equity shares for every 1 equity share of Multiacre; 37 equity shares for every 25 CCPS of Multiacre.
• · No cash consideration is involved.
• · The Board meeting started at 12:30 pm and concluded at 6:35 pm on 28th May 2026.
• · Application for stock exchange observation letter will be made in due course.

28-05-2026

CapitalNumbers Infotech Limited has authorized the acquisition of 100% ownership in Epitome Cloud Inc. and its Indian subsidiary for approximately INR 40 crore (₹40,00,00,000). The acquisition aims to strengthen CapitalNumbers' Salesforce-led digital transformation capabilities and expand its US market presence. However, the target's turnover declined sharply from USD 4,116,898 in CY 2024 to USD 2,867,087 in CY 2025, a drop of about 30.4%.

• · The acquisition is not a related party transaction; no promoter/promoter group/group companies have any interest in the target.
• · The target was incorporated on June 23, 2020, and is headquartered in New Jersey, USA, with operations in India and the US.
• · The acquisition is expected to complete in 8 to 12 weeks, subject to customary conditions.
• · The consideration is cash-based and subject to net working capital and other adjustments.

28-05-2026

Hindustan Media Ventures Limited's Board on 28th May, 2026 approved Audited Financial Results (Standalone & Consolidated) and audited financial statements for year ended 31st March, 2026, approved an investment of up to GBP 1.67 Million (equivalent to ~ Rs. 21.66 Crore) in Assetvault Limited (AasaanWill), and recommended no dividend for FY 2025-26. Consolidated total income for year ended March 31, 2026 was ₹83,141 Lakh, up modestly from ₹81,142 Lakh in FY 2025; however, the company reported mixed profit performance with Profit before tax from continuing operations decreasing to ₹16,262 Lakh from ₹17,094 Lakh, and combined (continuing + discontinued) profit falling to ₹4,869 Lakh from ₹7,778 Lakh year-over-year.

• · Board meeting commenced at 12:00 Noon and concluded at 12:45 P.M. on 28th May, 2026.
• · No dividend was recommended for the financial year 2025-26.
• · Exceptional items (net loss) from continuing operations for quarter ended March 31, 2026 include (115) Lakh (quarter) and (1,634) Lakh for prior quarter reference in table - impacting PBT corridor.
• · Loss before tax from discontinued operations for year ended March 31, 2026 was (10,636) Lakh versus (9,037) Lakh in prior year (increase in loss).

28-05-2026

Greaves Cotton Limited has approved a further investment of approximately ₹50 Crore in its wholly owned subsidiary, Greaves Finance Limited (GFL), via a rights issue of equity shares. GFL, an NBFC focused on retail e-vehicle financing, reported a turnover of ₹39.52 Crore for FY 2025-26, a significant increase from ₹17.72 Crore in FY 2024-25 and ₹5.75 Crore in FY 2023-24. The investment will be used for general corporate and on-lending purposes, with completion expected by June 5, 2026.

• · GFL was incorporated on 31st December 1958 and is registered as an NBFC.
• · The transaction is a related party transaction but will be at arm's length; no promoter/promoter group/group companies have any interest in GFL.
• · Post-subscription, GFL will continue to be a wholly owned subsidiary of Greaves Cotton Limited.
• · The investment is in cash consideration.